Page:United States Statutes at Large Volume 72 Part 1.djvu/1345

 72 S T A T. ]

PUBLIC LAW 8 5 - 8 5 9 - S E P T. 2, 1958

1308

but only if the issuance, transfer, or exchange of securities, or the making, delivery, or filing of instruments of transfer or conveyances, occurs within 5 years from the date of such confirmation, approval, or change. "(2)

ORDERS OF THE SECURITIES AND EXCHANGE COMMISSION.—

The issuance, transfer, or exchange of securities, or making or delivery of conveyances, to make effective any order of the Securities and Exchange Commission as defined in section 1083(a); but only if— " (A) the order of the Securities and Exchange Commission in obedience to which such issuance, transfer, exchange, or conveyance is made recites that such issuance, transfer, exchange, or conveyance is necessary or appropriate to effectuate the provisions of section 11(b) of the Public Utility Holding Company Act of 1935 (15 U.S.C. 79k (b)), " " (B) such order specifies and itemizes the securities and other property which are ordered to be issued, transferred, exchanged, or conveyed, and " (C) such issuance, transfer, exchange, or conveyance is made in obedience to such order. "SEC. 4383. CERTAIN CHANGES IN PARTNERSHIPS. " (a) CONTINUING PARTNERSHIPS.—In the case of any share, certificate, right, or realty held by a partnership, no tax shall be imposed under section 4321, 4331, or 4361 by reason of any transfer of an interest in a partnership or otherwise, if— "(1) such partnership (or another partnership) is considered as a continuing partnership (within the meaning of section 708), and "(2) such continuing partnership continues to hold the share, certificate, right, or realty concerned. " (b) TERMINATED PARTNERSHIPS.—If there is a termination of any partnership (within the meaning of section 708)— "(1) for purposes of this chapter, such partnership shall be treated— " (A) as having transferred all shares, certificates, and rights held by such partnership at the time of such termination; ^nd " (B) as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by such partnership at the time of such termination; but "(2) not more than one tax shall be imposed under section 4321, 4331, or 4361, as the case may be, by reason of such termination (and any transfer pursuant thereto) with respect to the shares, certificates, rights, or realty held by such partnership at the time of such termination. "SEC. 4384. LIABILITY FOR TAX. "The taxes imposed by this chapter shall be paid by any person who makes, signs, issues, or sells any of the documents and instruments subject to the taxes imposed by this chapter, or for whose use or benefit the same are made, signed, issued, or sold. The United States or any agency or instrumentality thereof shall not be liable for the tax with respect to an instrument to which it is a party, and affixing of stamps thereby shall not be deemed payment for the tax, which may be collected by assessment from any other party liable therefor."

26 USC losa.

49 Stat. 820.

26 USC 708.

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